As the campaign enters the homestretch, HBS is focused on its goal of raising $100 million for MBA fellowships. Student need for financial aid is continually rising, and HBS is committed to ensuring that qualified applicants from all backgrounds are able to attend.

As of April, the School had raised $95 million for fellowships, helped by the work of an alumni and friends Fellowship Advisory Board, formed in 2003.

“When I was a student, it was assumed you would earn a good living when you graduated and quickly repay your loans,” noted Byron Wien (MBA ’56), a member of the advisory board who recently established a fund to support students who intend to work to improve society. “Today not only is the debt burden much higher, but the education the School provides is extremely valuable to those interested in public service or not-for-profit work where the compensation is less generous.”

Like Wien, advisory board member Laurene Sperling (MBA ’82) views fellowships as a way to ensure that students with broad interests come to the School. Having served on several nonprofit boards, she sees the need for leadership skills in a wide variety of organizations. Sperling and her husband, Scott (MBA ’81), recently established a fellowship fund. “I hope our fellowship will inspire someone who has demonstrated strong leadership skills to come to HBS to refine those skills,” she said.

Fellowship Dinner

The significant impact that fellowship gifts can have on students is made plain each year at the annual HBS Fellowship Dinner. The event gives student recipients a chance to meet the donors whose gifts have helped fund their education.

Reflecting on his own HBS experience, speaker T.J. Dermot Dunphy (MBA ’56) said that when HBS awarded him a fellowship more than fifty years ago, there was no legal requirement that he pay back the money. There was, however, a “moral loan” that he felt obliged to repay because the School had such a positive influence on his life. Dunphy, the retired head of Sealed Air Corporation who received a 2001 HBS Alumni Achievement Award, established a fund that has helped support over 100 HBS students. He asked those present to “develop a personal philosophy on philanthropy” and “do what’s right for humankind.”

Fellowship recipient Andrew Parry (MBA ’05) then discussed what he had learned from his struggle with cancer during his time at HBS. Parry said that his illness dramatically altered his MBA experience by showing him the compassion of the HBS community. “I hope the challenges and experiences of the last two years have made me a better friend, father, husband, and person,” he said, before expressing his appreciation to the donors present and encouraging others to “never regret your own personal journey.”

Echoing Parry’s message, Dean Kim B. Clark noted that the strength of the HBS community is made most evident “in times of challenge.” Clark, a grandfather of seven, then drew parallels between grandparenting and the relationship between fellowship donors and recipients. The dinner, he said, was a chance for students to express their gratitude. He concluded by thanking donors for aiding future generations and encouraged students to repay the favor. “HBS thrives because we invest in each other. I hope you will cultivate that spirit wherever you go.”

Fellowships at a Glance

• Since the launch of the HBS campaign, more than 115 new fellowship funds have been established.
• In 2004–05, the School will award close to $12 million infellowship aid, compared with about $7 million five years ago.
• The average two-year fellowship award has risen from $12,600 for the Class of 2000 to $21,500 for the Class of 2004.

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